Yes, it’s true!  Stated income lending is currently available through me, in the state of California, once again.  I knew it was just a matter of time before we would see investors return to the market, and THAT TIME IS NOW!

This is NOT the old “Fog a Mirror, get a loan”, stated income.  This is more of a “Common Sense” type of lending, that we really NEED to get our real estate market moving again.  Why do we need it?  Because many of our home buyers are self employed.  Self Employed people use accepted tax strategies to lower their tax liability.   That whole segment of buyers has been unable to qualify for thier mortgage, and have been sitting on the sidelines until now.

Here is how it works.  Self employed people must have 3 years in the line of work.  The income that is declared must be reasonable.  What is reasonable? That means if you make $20K a month, you better have more that $5K in your bank, and a better than 700 credit score.

For a salaried person, we MUST verify that you are employed.  The income used is 90% of the high income as indicated on Salary.com.  This proves “reasonablness”. 

Of course there are more guidelines, and each loan is looked at pretty closely (aren’t they all?!?!)

For details, or to run your scenario by a nationally known loan originator, shoot me an email, or give me a call, and we will get your deal closed.

All the best- Mike

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